Deed In Trust-General Form,
The general deed-in-trust form for land trust
The deed in trust general form states all the rights and duties, privileges and obligations of the immediate and the successive trustees. The form is divided into several clauses specifying all the conditions of the deeds, its criterion and limitations.
Beginning with spaces to enter the name of the grantor, the person to which the land trust is being granted and the amount involved therein, the form goes on to mention the particulars of the agreement. It is clarified that the trustee shall have full authority to improve, manage, preserve, divide or sub-divide the real estate or parts of it. He has the right to dedicate parks, Highways, streets or alleys and to vacate any sub-division of the estate. He also has the right to sell or convey the estate to following successors and to confer upon them the title, estate and authority vested in the trustee. He can also donate or mortgage parts of the estate, or grant lease.
Any person taking lease or entering into any such deal shall not be obliged to look into the terms of trust agreement. Such a deed of granting a lease or alike would imply that the trustee is authorized with the power to do so and is doing it in accordance with all trust deeds and limitations. Any such instrument executed by the trustee shall be the final evidence in favor of the person.
By the end the form points out that no trustee shall have any interest or title in the real estate, but shall only have interest in the earnings and proceeds from the estate, and in possession of it.
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